Why do traders want to buy billions of Shiba Inu parts? | Cryptocurrency

  • Experts believe that traders are pumping money into Dogecoin and Shiba Inu because the meme coins are relatively cheaper.
  • Shiba Inu is one of the biggest holdings in Ethereum whale wallets, after big wallet investors recouped billions of SHIB from the drop.
  • Shiba Inu posted locked rewards on ShibaSwap, fueling bullish sentiment in ShibArmy.

Shiba Inu remains a favorite cryptocurrency among large wallet investors on the Ethereum blockchain. Despite the recent cryptocurrency crisis, traders continue to pick up SHIB coins.

Also Read: What Happens To Influencers Who Promoted Projects Like Shiba Inu

Shiba Inu Coin Buyers Are Looking For Penny Crypto Assets

Despite the recent crypto bloodbath, Bitcoin, Ethereum, and altcoins in the top 20 cryptocurrencies by market capitalization are relatively expensive for an investor to accumulate. For the same amount of capital deployed, an investor can snatch billions of Shiba Inu tokens on exchanges, instead of double- or triple-digit holdings in any other cryptocurrency.

Bloomberg experts say Shiba Inu decimals are the “best marketing thing you can do” for a cryptocurrency project. For an Ethereum-based token, eighteen decimal places is less than ideal.

Shiba-Inu themed coins and newer cryptocurrencies with a relatively smaller market capitalization have ventured into bizarre territory. Buying a Shiba Inu coin costs a trader $0.00000822, at the time of writing, while a Dogecoin fetches less than a cent.

Experts claim that retail traders generally love penny stocks and dream of huge returns. A jump of less than a cent to $1 could imply that your initial capital multiplies. Interestingly, around $50 can earn a trader a million Shiba Inu coins, making it the cryptocurrency token for the community.

Halsey Minor, executive chairman of Public Mint, reportedly said:

You see, with many of these same coins, such as Doge and Shiba, retail investors are putting money into them because they look cheap. There’s a psychological element here, in many cases, where people think, oh, a whole Bitcoin costs $65,000, but a Dogecoin only costs 25 cents.

40,000 new traders now own Shiba Inu, join the ShibArmy

ShibArmy, the community of Shiba Inu owners, is now stronger with the addition of 40,000 new traders. Recent data puts the number of Shiba Inu owners at 1,181,649, 40,000 more than the number at the end of April 2022.

As Shiba Inu coins continue to burn, meaning there is a reduction in circulating supply, this has fueled bullish sentiment among investors and demand for the coin meme is supplemented. New ShibArmy members picked up Shiba Inu during the recent drop.

ShibaSwap Rewards Unlocked

The official Shiba Inu Coin Twitter account announced the posting of locked rewards in the archived section of ShibaSwap. ShibArmy can claim the rewards with the press of a single button after heading to the “Woof” page for the archives.

Burn Portal rewards are still ongoing as per the official announcement.

Analysts spot bullish divergences on Shiba Inu price chart

Valdrin Tahiri, a crypto analyst, assessed the Shiba Inu price trend and noted that the SHIB has steadily declined after hitting its all-time high of $0.00008616 nearly a year ago. The meme coin is currently 90% off its all-time high and analysts have identified bullish divergences in the Shiba Inu price chart.

Tahiri observed considerable bullish divergence in the daily RSI. In order to confirm the bullish divergence, the RSI must move above 37 (represented by the white line on the chart), between the two divergences.

If Shiba Inu price breaks out of its short-term descending resistance line, it could resume its climb to $0.000017.

SHIB-USD Price Chart

Shiba Inu competitor’s Dogecoin price is at a turning point

Netcost-Security analysts have assessed the price trend of Dogecoin, the competitor of Shiba Inu and one of the major coins. Analysts believe that the price of Dogecoin is at a turning point and is currently trading in a lucrative zone. For more information, watch this video:

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Why do traders want to buy billions of Shiba Inu parts? | Cryptocurrency

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